Addition based on observation by DCIT without independent inquiry by AO not sustained

Ankita Aggarwal Vs ITO (ITAT Delhi)

ITAT Delhi held that addition towards undisclosed investment in shares and unsecured loans merely based on observation made by DCIT without independent inquiry by AO is unjustified and hence the addition is liable to be deleted.

Facts- In course of assessment proceedings, AO made inquiries with regard to the investments made by the assessee in shares of M/s. Vidya Shankar Investments Pvt. Ltd. and M/s. Index Securities & Research Pvt. Ltd. AO ultimately concluded that the investments in shares of M/s. Vidya Shankar Inv

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